5:51 am December 21, 2009, by Henry Unger
In a well-researched story, AJC reporter Rachel Tobin Ramos details how high-flying developer Stan Thomas ran into serious financial trouble.
It’s a story repeated quite often during this financial crisis, although Thomas, of Newnan, had projects that were more far-flung than many — on both sides of the Atlantic, as well as on the West Coast.
Thomas’s reach appeared to indicate a well-capitalized developer who was willing to risk hundreds of millions of his own dollars to get the ball rolling on some of his mega-projects, Ramos reports.
But last month, Thomas — a longtime shopping center developer whose success led him into ever-larger ventures — put three major projects into bankruptcy protection. He also narrowly averted foreclosure on The Forum Peachtree Parkway in Norcross, one of his signature retail developments.
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